SL Green Realty (NYSE:SLG) Rating Increased to Neutral at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday, Marketbeat reports. The firm currently has a $80.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $51.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.66% from the company’s current price.

SLG has been the subject of a number of other reports. Jefferies Financial Group boosted their price target on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a report on Friday, November 22nd. Bank of America lifted their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 11th. Scotiabank upped their price objective on shares of SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $67.93.

SL Green Realty Stock Up 1.7 %

Shares of SLG opened at $76.44 on Tuesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50 day moving average price of $75.18 and a 200 day moving average price of $66.21. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of -30.58, a PEG ratio of 3.68 and a beta of 1.81. SL Green Realty has a one year low of $40.30 and a one year high of $82.81.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the prior year, the firm posted $1.27 EPS. Equities research analysts forecast that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

Institutional Trading of SL Green Realty

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of SL Green Realty by 50.5% during the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after buying an additional 977,321 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in SL Green Realty by 396.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after purchasing an additional 356,275 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in SL Green Realty in the 3rd quarter valued at approximately $18,811,000. Charles Schwab Investment Management Inc. boosted its stake in shares of SL Green Realty by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares during the last quarter. Finally, Lighthouse Investment Partners LLC lifted its position in SL Green Realty by 150.0% during the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after buying an additional 90,000 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

About SL Green Realty

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.